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Type: Posts; User: delite

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  1. Answers
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    893

    down and dirty way=write off account receivable...

    down and dirty way=write off account receivable and expense bad debt deduction
  2. Set up a lliabilty for shipping co acceptance of...

    Set up a lliabilty for shipping co acceptance of liabity;the contra is your companys asset.if payment is made, reverse liability being record as income
  3. Answers
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    1,949

    Your assumptions are bascillaly correct as best...

    Your assumptions are bascillaly correct as best as I can for the parties invoved
  4. Answers
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    1,437

    transfer at book value/recorder on both sets of...

    transfer at book value/recorder on both sets of books-a those receieving
    b- those giving

    of course suuch transter...
  5. Based on limited explantion, entires appear...

    Based on limited explantion, entires appear correct.
  6. Answers
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    473

    Must go back to original source documents to...

    Must go back to original source documents to determine wherein lies the error,once found, error can be corrected.
  7. Answers
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    917

    Sellers of securities have a generally efficient...

    Sellers of securities have a generally efficient and organized marketplace wherein buyers and sellers make offers; a price is set on this action.

    Due to various SEC laws both corporate sellers and...
  8. Question: LLC tax

    by delite
    Answers
    3
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    549

    The fact remain is that an llc nay be able to be...

    The fact remain is that an llc nay be able to be treated (taxed) as corporation. I understand there is an irs form granting such election. Appreciate it if you can confirm and advise me of the form...
  9. Question: LLC tax

    by delite
    Answers
    3
    Views
    549

    LLC tax

    LLLC
    Can and LLC be taxed as a corpation and if so what is the procedure??
  10. For the fixed liabilities;unpaid salaries and...

    For the fixed liabilities;unpaid salaries and appropriate taxes; should set up a liability for these amounts with a footnote indicating contractual ogligated. In addition compute payroll taxes o be...
  11. Answers
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    2,874

    The 10column can be used for analys. For...

    The 10column can be used for analys. For example.these analysis will prove to some degree of certainty what is approproate behavior toconsume these transactions,, ...
  12. Question: Small business

    by delite
    Answers
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    443

    If the owner plans to 1099, it can be assumed...

    If the owner plans to 1099, it can be assumed your husband is being treated as an independent contractor whether this is the correct method is not part of this discussion.no accountant should charge...
  13. Answers
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    614

    Plenty of guidance available for sas. Also, lookj...

    Plenty of guidance available for sas. Also, lookj to the aicpa for more comprehensive,writings, explanations and guidance.
  14. Answers
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    552

    The t/b is a summary for a select period in time...

    The t/b is a summary for a select period in time of the business activities. It will include all profit and loss accounts, assets and liabilities and capital. The result and purpose is to show the...
  15. Question: How is it done?

    by delite
    Answers
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    533

    they use dummy companies with little or no...

    they use dummy companies with little or no capitalization. Debt is transferred to these entities. Invariably, bankruptcy ensues. The people behind this scam make big money in arranging original debt...
  16. There are agencies that can help. Find...

    There are agencies that can help. Find not-for-proift organizations and make inquiries about what they do and success history with appropriatre recommendations,,
  17. Question: W2 form for grants

    by delite
    Answers
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    625

    Request from emolyer a copy of w-2; can request a...

    Request from emolyer a copy of w-2; can request a copy and/or transcript from the IRS..
  18. Answers
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    745

    In general no. as such no tax deduction from...

    In general no. as such no tax deduction from wages for bond purchases without bonafide ira, or 401k .
  19. Answers
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    803

    Stockholder equity, part of capital--not...

    Stockholder equity, part of capital--not liability. On the balance sheet reference is made to liabilities AND stockholders equity...
  20. Answers
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    2,823

    To determine estimated uncollectible accounts...

    To determine estimated uncollectible accounts receivables: Analyze prior 5years of chargeoffs, determine the percentage against all trade receivables per year
    Take average for 5 year period to be...
  21. Answers
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    9,568

    r/e/inventory Ditto for shrinkage...

    r/e/inventory
    Ditto for shrinkage...
  22. Question: Interest revenue

    by delite
    Answers
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    878

    You may find exceptions to the previous described...

    You may find exceptions to the previous described rule if you buy a security at a discount or a premium.
  23. Answers
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    698

    Contact SCORE south Florida. They provide free...

    Contact SCORE south Florida. They provide free services and can recommend an accountant who can pass their scrutiny. Score is a branch of the SBA.
  24. Answers
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    9,568

    Remove inventory for shortage amount/charge...

    Remove inventory for shortage amount/charge shortage to cost of good sold.
  25. Answers
    5
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    9,568

    Remove invenotry for shortage amount/charge...

    Remove invenotry for shortage amount/charge shortage to cost of good sold.
  26. Answers
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    949

    Appears to me this is a homework assignment, if...

    Appears to me this is a homework assignment, if so, you may to attempt to complete as much as you can before turning it over to someone who has experitse in this area...
  27. Question: LLC Distributions

    by delite
    Answers
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    831

    Distributions should be made as. You are taxed on...

    Distributions should be made as. You are taxed on the net income. If distribution exceeds income, balance is a reduction and return of capital (non taxable).
  28. Question: Adjusting entry

    by delite
    Answers
    2
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    671

    Yes you would. In essence you can set up and...

    Yes you would. In essence you can set up and compute the monthly charge for depreciation, make an adjustung entry to corect the depreciation to reflect a charge to the account for 14 months.
  29. Answers
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    2,843

    There is no separation of duties in an area where...

    There is no separation of duties in an area where the company derives its prime cash flow,one person in charge can manipulate the receivables and liabilities in a format they if they wished and left...
  30. Question: Accounting ?

    by delite
    Answers
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    1,452

    Make a journal entry to revers the initial...

    Make a journal entry to revers the initial transaction and a new entry to record the correct facts as indicated...
  31. Answers
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    4,834

    You are quire right. However when you have a...

    You are quire right. However when you have a separate potrion of 200 in prepaid charges this is separate from the fob clause wherein when the goods reach the ship title is yours
  32. Question: Accrual acounting

    by delite
    Answers
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    813

    Not really a hassel. Accurals give a more...

    Not really a hassel. Accurals give a more accurate description of your financial positiion.for example you will have paid for certain expenses like rent and subsciptions thirty days after the first...
  33. Answers
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    no par value is intended to sell at whatever the...

    no par value is intended to sell at whatever the marktet will pay. There sre no journal adjusting entires but straightforward sales with simple accounting rules. When issuing par value, this amount...
  34. Answers
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    1,369

    Subtract the discount allowed for that months...

    Subtract the discount allowed for that months first, it should not be shown as an expense in another budget?
  35. Answers
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    791

    Years back I took the kaplan review. In addition...

    Years back I took the kaplan review. In addition I reviewed almost to the point of memorization the last 5 years of cpa exams. Between the review and myself help I passed on the first try.you may...
  36. Answers
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    4,324

    The above nemtioned costs are amortized over a...

    The above nemtioned costs are amortized over a period,usually leass than 5yrs. Looks up FASBS pronouncements and new regulations which address these issues. Contact the aicpa near your location for...
  37. Answers
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    3,698

    Generally. Goods in transit are not treated as...

    Generally. Goods in transit are not treated as inventoried items. They must be received and title transferred. If you buy abroad and title passes fob in the foreign country or at the ship, for...
  38. Answers
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    1,060

    I think to simplfy the process, you should...

    I think to simplfy the process, you should reverse entires for sales and/or purchase returns. This is done by journal entires.naturally gross profit originally booked is also reversed by nature of...
  39. Question: Limit to per diem

    by delite
    Answers
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    717

    Generally pe diem expenses are not taxable to the...

    Generally pe diem expenses are not taxable to the extend you have accounted to your management for the exoenditures. This ruoes applies for all years.if your expenes
    Exceed reimbursement (which may...
  40. Answers
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    1,481

    Items for the p/l have a direct impact on the...

    Items for the p/l have a direct impact on the balance sheet. Increase or decrease in assets. Liabilities and retained must revert back to income/loss for finanacial income loss determines your...
  41. Answers
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    933

    Again, morgaine does not answer questions, rather...

    Again, morgaine does not answer questions, rather he raises what appears to be another question or facts not germaine to the inquiry
  42. Answers
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    751

    It seems my response was correct, morgaine...

    It seems my response was correct, morgaine contribute nothing to the discussion
  43. Answers
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    955

    Set up a liability to pay dividends out of...

    Set up a liability to pay dividends out of current year earnings. When paymnt is made credit cash/ dr. dividend payable
  44. Answers
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    728

    YOU WILL HAVE TO MATCH THE REIMBURSEMENT WITH...

    YOU WILL HAVE TO MATCH THE REIMBURSEMENT WITH PAYMENT.assuming both parties are on the same wave length this is simple poricedure
  45. You Got It Right...

    You Got It Right...
  46. Answers
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    751

    You Need To Take An Historical Past Of...

    You Need To Take An Historical Past Of Nonperforming Receivables.match This To Actual Receivalbles. Get Your Percentage. Do This For 5 Yrs And You Have Attained Enough Background To Use Study To...
  47. Question: Capital Gains Tax

    by delite
    Answers
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    937

    It should be classified as capitalgain it is...

    It should be classified as capitalgain it is prsumed the buyer is entering into a capital tansaction and the buyer must respect there term
  48. Question: Payroll Accounting

    by delite
    Answers
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    1,735

    [QUOTE=kiernico]Which of the following accounts...

    [QUOTE=kiernico]Which of the following accounts shows the total gross earnings that the employer incurs as an expense each payday? Payroll taxes, federal income taxes payable, wages expense, or...
  49. Answers
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    1,177

    There is a lot going on within your family. You ...

    There is a lot going on within your family. You may want to look into reverse mortgages, which in essence provide cash flow (depending on the amount reversed) based on your needs You sit down and...
  50. Answers
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    Speak with consuelors from the school who will be...

    Speak with consuelors from the school who will be able to steer you in the right direction in obtaining funding.
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